Core Viewpoint - Douyin has initiated a special governance action against false advertising and irregular marketing practices related to Moutai, leading to the removal of many unauthorized stores selling Moutai at low prices [2][3][13]. Group 1: Douyin's Actions - Douyin has responded to rumors about penalties for selling Moutai below market price, clarifying that these claims are misinterpretations [3]. - The platform has launched a special governance action targeting false advertising and irregular marketing practices, particularly those using "false low prices" to attract customers [3][13]. - As part of this initiative, Douyin has already dealt with over 2,000 irregular products and 690 violating merchants in the past three months [13]. Group 2: Market Impact - The price of 53-degree Moutai has become a focal point, with many stores previously listing it at 1499 yuan per bottle now showing as suspended or removed [1][11]. - Following the governance actions, the price of 53-degree 500ml Moutai has increased, with current listings generally above 1750 yuan per bottle, compared to lower prices during the "Double 11" shopping festival [11][15]. - The wholesale reference price for Moutai has seen fluctuations, dropping to 1855 yuan per bottle earlier this year but recovering to 1655 yuan as of November 17 [16][17]. Group 3: Industry Reactions - Industry experts suggest that the platform's control over low-price marketing will likely lead to a price recovery for major products like Moutai and Wuliangye [14]. - Moutai's management is actively working with various online platforms to combat counterfeit products and maintain market order [16]. - The recent actions by Moutai and other liquor companies are viewed as a "channel defense war" aimed at stabilizing pricing structures and protecting brand integrity [16].

Group 1 - Major liquor companies, including Kweichow Moutai and Wuliangye, have issued statements during this year's "Double 11" sales event to address unauthorized sales channels and counterfeit products [1][2][3] - The industry is experiencing high inventory levels and price inversion, leading to some distributors selling products at lower prices to alleviate cash flow issues, which disrupts the market price system [1][5][9] - The average inventory turnover days in the industry have reached 900 days, a 10% increase year-on-year, with 60% of companies experiencing price inversion [6][9] Group 2 - Wuliangye has issued multiple consumer notices, revealing that 12% of products tested were counterfeit, with a significant portion sourced from unauthorized channels [2][3] - The price of Moutai has dropped significantly, with a total decline of 36.15% since 2022, reflecting changes in consumer behavior and market conditions [6][7] - The third-quarter financial reports of 20 listed liquor companies show that only Kweichow Moutai and Jiu Gui Jiu achieved revenue growth, indicating a broader trend of declining performance across the industry [9]

Core Viewpoint - Apple has issued a directive to its offline authorized dealers in China, prohibiting them from engaging with any online sales channels, particularly during the upcoming Double Eleven shopping festival, indicating a tightening control over online sales [1][4][5]. Group 1: Policy Changes - Apple has mandated that all offline authorized dealers must not collaborate with any e-commerce platforms, forbidding product display, promotion, or sales on online platforms, including services like "one-piece delivery" and "hourly delivery" [1][6]. - A compliance letter sent to authorized dealers states that any violations, such as online sales or cross-regional sales, will be considered serious breaches, leading to the cancellation of authorization and financial liabilities for the dealers [1][5]. Group 2: Impact on Dealers and Consumers - The new regulations have caught many dealers off guard, as they were previously in place but are now being strictly enforced to prevent disruption of the pricing system [5][6]. - The restrictions will limit the purchasing channels for consumers, making it harder to find authorized dealer products on various e-commerce platforms, potentially leading to fewer discount opportunities [5][12]. - The tightening of online sales channels will particularly impact the booming instant retail business, as consumers will no longer be able to access rapid delivery services from authorized dealers [6][7]. Group 3: Legal and Market Context - The restrictions imposed on authorized dealers may infringe upon their rights to choose sales channels and trading partners, potentially violating antitrust and unfair competition laws [7]. - Apple has faced similar legal challenges in markets outside China, such as a €194 million fine in Spain for restricting third-party sellers on Amazon [7]. - Despite limiting authorized dealers' online sales, Apple is actively participating in the Double Eleven promotions through its official channels, indicating a strategy to dominate online sales [9][11]. Group 4: Financial Performance - Apple's recent financial report for Q4 of fiscal year 2025 shows that revenue from the Greater China region was $14.493 billion, a year-on-year decline of 3.6%, marking it as the only region with a revenue drop [11]. - The overall revenue for the Greater China region for the fiscal year 2025 was $64.377 billion, down 3.85% year-on-year, suggesting a need for Apple to stabilize its market performance through these channel restrictions [11].

近日，多位业内人士透露，苹果中国区再次向授权经销商下发通知，要求所有线下授权门店不得与任何电商平台展开合作，严禁在电商、社交媒体或直播平 台进行产品展示、推广及销售活动，明确包括"一件达""小时达"等即时零售服务在内的线上销售渠道全部被禁止。若经销商被发现违规上线销售或跨区域窜 货，苹果将直接取消其授权资格。 显而易见，苹果此举意在重塑渠道利润结构、强化价格统一性。面对国内市场竞争趋于激烈、消费者换机周期延长的背景，维持品牌溢价和线下体验体系的 稳定，对苹果而言尤为关键。短期来看，严格的渠道限制或将影响部分经销商销售灵活性，但从长期看，有助于苹果稳住品牌价值和用户信任，为未来新品 销售与服务体系打下更坚实的基础。 一位接近渠道的经销商人士表示，这一规定其实早已存在，只是近期苹果方面再次强调执行力度，显示公司对渠道秩序的管控进一步收紧。过去几年，随着 线上价格竞争加剧，部分授权经销商通过第三方平台低价促销，引发价格体系混乱，不仅削弱了苹果官方直营和授权零售店的定价权，也损害了品牌高端形 象。 ...

Core Insights - The company, Jinhui Liquor, has demonstrated resilience in the face of cyclical challenges in the liquor industry through product upgrades and market expansion, achieving a revenue of 2.306 billion yuan and a net profit of 324 million yuan in the first three quarters of the year [1][2]. Financial Performance - For the first nine months, Jinhui Liquor reported a revenue of 2.306 billion yuan and a net profit of 324 million yuan, with a total profit of 423 million yuan [2]. - The gross profit margin increased by 0.51 percentage points to 64.65% during the same period [2]. Growth Drivers - The growth of Jinhui Liquor is primarily driven by product structure optimization, regional market breakthroughs, and strong development in emerging channels, forming a "new network" structure [2]. - Revenue from products priced above 300 yuan reached 537 million yuan, a year-on-year increase of 13.75%, while products priced between 100-300 yuan generated 1.228 billion yuan, up 2.36% year-on-year [2]. Market Expansion - Jinhui Liquor's revenue from domestic and external markets was 1.689 billion yuan and 533 million yuan, respectively, indicating a nationwide expansion strategy [2]. - The internet channel revenue grew by 25.22%, reaching 73 million yuan in the first three quarters [2]. Contract Liabilities - Contract liabilities increased to 632 million yuan, a year-on-year growth of 32.73%, reflecting market confidence and effective inventory management [3][4]. - The company has implemented a market strategy focused on "controlling quantity and ensuring price stability," which has enhanced the profit margins for distributors [4]. Brand Development - Jinhui Liquor has received recognition at the 23rd China International Wine Expo, with its products winning silver and bronze awards [5]. - The company has built a multi-dimensional brand image through systematic IP marketing and corporate social responsibility initiatives, enhancing brand visibility and driving sales [6][7].

Core Viewpoint - The report from GF Securities predicts a significant decline in the revenue and net profit of Wuliangye for Q3 2025, with revenue expected to drop by 30% year-on-year and net profit by 45% [1][2][4]. Financial Performance - Wuliangye's revenue for the first half of 2025 was 52.771 billion yuan, a year-on-year increase of 4.19%, while net profit was 19.492 billion yuan, up 2.28% [7]. - Despite positive growth, the growth rates are the lowest in recent years, with Q2 2025 showing a revenue of 15.831 billion yuan, a mere 0.1% increase, and a net profit of 4.632 billion yuan, marking a 7.58% decline year-on-year [8][10]. Market Dynamics - The average price of Wuliangye's core product, "Pu Wu (8th generation)," has decreased by 10% this year, currently at 855 yuan per bottle, with some e-commerce platforms offering it as low as 769 yuan [4][12][19]. - The decline in prices is attributed to aggressive discounting by unauthorized online retailers, which has disrupted the pricing structure and dealer confidence [17][19]. Strategic Adjustments - Wuliangye is focusing on long-term high-quality development, potentially adjusting its strategies to reduce channel inventory and stabilize product prices [4][10]. - The company has taken measures to control unauthorized sales channels, issuing warnings to 46 unauthorized stores to protect its pricing system and brand reputation [19][20]. Investor Sentiment - Institutional holdings in Wuliangye have decreased significantly, with the number of funds holding the stock dropping by 45% from the end of 2024 to mid-2025, and the market value of these holdings shrinking by 51% [10][12]. - The stock price of Wuliangye has fallen over 10% year-to-date as of October 24, 2025 [10].

Core Viewpoint - Leading liquor companies are tightening control over e-commerce channels to combat counterfeit products and maintain brand value [3][5][7]. Group 1: E-commerce Channel Management - On July 18, Moutai Sauce Wine announced the removal of 24 online authorized stores, reflecting a significant tightening of channel control [5][7]. - The removal includes six stores under the Gede Yingxiang brand, which are currently not operating normally due to financial issues and employee wage arrears [4][10]. - The adjustments were made in response to consumer complaints about low-quality products purchased from certain platforms, indicating a proactive approach to protect consumer rights [5][6]. Group 2: Impact on Gede Yingxiang - Gede Yingxiang's stores were removed due to ongoing operational uncertainties, including financial difficulties and a lack of inventory [4][10][11]. - The company has faced significant challenges, including a total of 1.58 billion yuan in execution orders as of 2025, highlighting its precarious financial situation [13]. - Despite the challenges, some Gede Yingxiang offline stores in Beijing are still operating normally, suggesting a mixed operational status [15]. Group 3: Market Implications - The actions taken by Moutai reflect a broader trend among top liquor companies to enforce strict compliance among their partners, aiming to eliminate non-compliant distributors and restore order in the online market [11][12]. - Experts believe that Moutai's decisive actions will enhance investor confidence by demonstrating a commitment to maintaining a healthy pricing system and market order [7][11].

Core Viewpoint - The recent actions taken by China's leading liquor companies, Moutai and Wuliangye, to clean up their e-commerce channels highlight a significant shift in the industry aimed at combating counterfeit products and improving consumer experience [1][5]. Group 1: E-commerce Channel Changes - Moutai's e-commerce channel underwent notable changes within 12 days, with approximately 24 online stores being removed and 4 new ones added [1]. - Wuliangye previously reduced its e-commerce stores by 15 and added 4, indicating a trend among major liquor brands to tighten control over online sales [1][5]. - The cleaning actions by both companies are responses to increasing issues faced by consumers when purchasing products online, reflecting a need to restore order in e-commerce channels [1]. Group 2: Impact on Specific Retailers - All 6 stores under the "billion-level" distributor, Gedeyingxiang, were removed from Moutai's e-commerce channel, marking a significant shift in Moutai's online sales strategy [1]. - Gedeyingxiang's stores showed abnormal operational status, with many listings indicating "out of stock" and a lack of recent activity on social media platforms [6]. Group 3: Counterfeit Product Concerns - Moutai's subsidiary, Laimao, found that 22.1% of the 289 bottles sampled from various platforms were counterfeit [5]. - Wuliangye provided free authentication services for 1,610 bottles, revealing that 16.65% were counterfeit, underscoring the severity of the issue [5]. Group 4: Gedeyingxiang's Operational Challenges - Gedeyingxiang has faced significant operational difficulties, including a history of unpaid wages and legal restrictions on its consumption due to non-compliance with court orders [8]. - The company’s financial troubles have led to the freezing of 44.29 million RMB worth of shares held by its legal representative [8][10]. Group 5: Industry Implications - The actions of Moutai and Wuliangye signal a broader trend in the liquor industry towards stricter channel management and quality control, indicating that companies must ensure high standards to survive in a competitive market [11].

Core Viewpoint - Major liquor companies, including Moutai and Wuliangye, are tightening control over their online sales channels due to increasing consumer complaints about counterfeit products, leading to significant reductions in authorized online stores [2][6][9]. Group 1: Channel Adjustments - Moutai's recent online store list saw the removal of approximately 24 stores and the addition of about 4 new ones, indicating a significant shift in its e-commerce strategy [2][3]. - Wuliangye also undertook a similar channel cleanup in March, reducing its online store count by 15 while adding 4 new stores [6][9]. - The online sales lists cover major platforms such as JD.com, Douyin, Tmall, WeChat Video, Kuaishou, Suning, and Vipshop, totaling over 140 stores for Moutai [3][6]. Group 2: Counterfeit Product Issues - Moutai's sampling of 289 bottles of its Lai Moutai sold online revealed that 64 bottles were counterfeit, highlighting the severity of the issue [7]. - Wuliangye provided free authentication services for 1,610 bottles, with 268 identified as counterfeit, accounting for 16.65% of the total [7]. - Both companies have expressed a "zero tolerance" policy towards counterfeit products, emphasizing the need for strict channel management [6][9]. Group 3: Impact on Authorized Dealers - The company GeDeYingXiang, previously a major distributor, had 6 of its online stores removed from Moutai's sales list, indicating a significant loss of business [8][9]. - GeDeYingXiang's operational status has been questioned, with reports of its stores showing no stock and a lack of customer service responses [9][10]. - The company is facing financial difficulties, including wage arrears and court-ordered restrictions on its operations, which have contributed to its removal from the authorized dealer list [10][15]. Group 4: Industry Implications - The actions taken by Moutai and Wuliangye signal a broader trend of tightening control over online sales channels in the liquor industry, aimed at protecting brand value and consumer rights [9][15]. - The ongoing restructuring of online distribution channels suggests an accelerated consolidation within the liquor market, as companies seek to enhance operational quality and consumer experience [9][15].

Core Insights - Moutai's e-commerce channel list has undergone significant changes within just 12 days, with approximately 24 online stores being removed and about 4 new stores added [1] - The removal of 6 stores under the "billion-level" distributor Ge De Ying Xiang indicates a tightening of channel control by major liquor companies, following a similar move by Wuliangye [1] - The updated online sales list includes seven major e-commerce platforms, with a total of over 140 stores for Moutai's sauce-flavored liquor [1] E-commerce Channel Changes - The total number of channels has decreased compared to the previous list, with specific reductions noted across various platforms [1] - JD platform saw a decrease of 4 stores but added 1 new store; Douyin experienced the most significant reduction with 10 stores removed and only 1 added [1] - Other platforms like Tmall, WeChat Video Account, and Suning also saw reductions of 4, 5, and 1 store respectively, while WeChat Video Account added 1 store; Vipshop remained unchanged [1]